ICPC Grills CBN, OAGF Officials Over $3.4 Billion IMF Loan Scandal

Patrick OdeyMarch 4, 2024

1 minute read

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has interrogated two officials of the Central Bank of Nigeria (CBN) and one from the Office of the Accountant-General of the Federation (OAGF) in connection with the $3.4 billion loan allegedly obtained by Nigeria from the International Monetary Fund (IMF).

According to Naija News, the anti-corruption agency has also summoned more officials from the Federal Ministry of Finance for questioning.

The ICPC probe was triggered by a lawsuit filed by the Socio-Economic Rights and Accountability Project (SERAP) against President Bola Ahmed Tinubu for failing to investigate the allegations that the $3.4 billion loan was either “missing, diverted or unaccounted for.”

SERAP said that its lawsuit was based on Section 16(1) and (2) of the 1999 Constitution and articles 5, 9, and 26v of the UN Convention Against Corruption.

A source told The Nation that the ICPC had obtained crucial documents on the loan, which was meant to fund the budget and to manage COVID-19, and that the investigation was in progress.

The source said: “ICPC has launched a thorough investigation into the $3.4 billion loan. The commission started the probe after it had reviewed the report of the Auditor-General of the Federation. Our investigators are trying to determine if the money was missing, diverted, or unaccounted for.

“The documents pertaining to the loan were retrieved from the CBN, the OAGF, and the Ministry of Finance.

“Some CBN and OAGF officials were interviewed, and the officials of the Ministry of Finance will be interviewed in the coming (this) week.

“Documents retrieved and statements from the officials of the OAGF revealed that the funds were used as instructed by the Ministry of Finance.
“Investigation is ongoing into the various approvals and uses of the funds by the beneficiaries.”